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Private Equity Spotlight Welcome to the latest edition of Private Equity Spotlight, the Private Equity Spotlight monthly newsletter from Preqin providing insights into private September 2012 equity performance, investors and fundraising. Private Equity Spotlight combines information from our online Feature Article products Performance Analyst, Investor Intelligence, Fund Manager Growth in Distressed Private Equity: Is Europe Approaching a Turnaround? Profi les, Funds in Market, Secondary Market Monitor, Buyout Deals Analyst Uncertain economic conditions look set to continue across many developed markets, and Venture Deals Analyst. including Europe. However, recent turmoil has created increased distressed opportunities for private equity LPs and GPs. This month’s feature article reveals the latest trends, drawing on data from our recent survey of distressed private equity investors. September 2012 Page 3. Volume 8 - Issue 9 Preqin Industry News FEATURED PUBLICATION: Each month Preqin’s analysts speak to hundreds of investors, fund managers and intermediaries from around the world, uncovering vital, exclusive intelligence. This month we focus on the latest updates from the Latin American private equity market. The 2012 Preqin Private Equity Performance Monitor Page 8. Lead Article alternative assets. intelligent data. The Asia-Based Investor Universe Preqin recently interviewed over 100 insitutional investors with an interest in investing The 2012 Preqin Private Equity in Asia. How are these LPs investing in the region, and what are their future plans and Performance Monitor preferences regarding commitments to Asia-focused vehicles? www.preqin.com/pm Page 10. The Facts New York: One Grand Central Place Buyout Deals - An analysis of mid-market buyout deals in 2012 so far. Page 15. 60 E 42nd Street Suite 2544 Venture Capital Deals - We explore trends in recent angel/seed VC deals. Page 16. New York, NY 10165 +1 212 350 0100 Private Equity Performance - A look at the latest PE performance stats. Page 17. London: Secondaries Intermediaries - Key data on secondaries intermediaries. Page 19. Equitable House Conferences - Page 20. 47 King William Street Details of upcoming private equity conferences. London, EC4R 9AF +44 (0)20 7645 8888 You can download all the data in this month’s Spotlight in Excel. Singapore: Asia Square Tower 1 Wherever you see this symbol, the data is available for free download on #07-04 8 Marina View Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing, Singapore please cite Preqin as the source. 018960 +65 6407 1011 w: www.preqin.com Free Subscription: e: [email protected] Click here to sign up to receive your free edition of Private Equity Spotlight every month! Twitter: www.twitter.com/preqin www.preqin.com/spotlight LinkedIn: Search for Preqin alternative assets. intelligent data. Global private equity fundraising We have a successful track record in raising capital for private equity and real estate firms from around the world. Our ability to differentiate our clients in a highly competitive market and our longstanding relationships with active proven success investors in North America, Europe, Asia and the Middle East are key to our success. We are partners with each of our clients, helping them reach efficient the next level in fundraising. personality commitment expertise strategic ethical reach independence www.csplp.com L North America One Galleria Tower, 13355 Noel Road, Dallas, Texas 75240 Industry Ventures L Capital 3 +1.972.980.5800 Fund VI, L.P. Venture investmentss in direct Pan European buyouts in Europe Grand-Rue 19, 1260 Nyon – Switzerland secondary opportunities and aspirational brands +41.22.365.4500 limited partnership interests Asia $400m €400m Suite 1106, Metrobank Tower, 1160 Yan An Xi Lu, Shanghai 200052 – China +86.21.6124.2668 Feature Article Growth in Distressed PE: Is Europe Approaching a Turnaround? Download Data Growth in Distressed Private Equity: Is Europe Approaching a Turnaround? Preqin recently interviewed LPs to gauge investor sentiment towards distressed private equity. Louise Maddy and Joanna Nye explore the results of this survey and its potential impact on private equity markets such as Europe. The renewed fears of recession and the ongoing eurozone Fig. 1: Investors’ Plans for Future Commitment to Distressed Private sovereign debt crisis have meant that distressed private equity, Equity with its countercyclical nature, has become increasingly attractive 50% to investors. In our Preqin Special Report: Distressed Private 46% 45% Equity in October 2011, Preqin expected distressed private equity 40% to play a greater role in the private equity market and believed 35% the sovereign debt crisis in Europe would tempt a number of GPs 30% to launch funds hoping to cater to investor appetite for distressed 25% 20% investment opportunities arising in the region. 17% 17% 15% 14% 10% Recent interviews with investors conducted by Preqin in August Proportion of Respondents provide new insight into changes in investor sentiment towards 5% 3% 3% 0% distressed private equity. Combined with Preqin’s latest data on the H2 2012 2013 2014 Longer Term Opportunistic N/A, No Longer Investing in current distressed private equity market, these interviews highlight Distressed Private Equity both the changes and challenges in the current global fundraising Funds climate and whether the predicted increased competition in the Source: Preqin sector has materialized. Additionally, Preqin asked investors about their appetite for different regions, providing insight into the Europe- Current Investor Attitudes focused distressed private equity market and whether the region has become more attractive to investors due to greater investment Investing in distressed private equity on an opportunistic basis opportunities resulting from the eurozone sovereign debt crisis. seemed to be an attractive route for investors; 11% of LPs interviewed cited this as the sole reason for their exposure to Investors’ Intentions for Future Commitments investments in this area. However, investors also highlighted a number of other reasons for investing in distressed funds, including Preqin interviewed 35 investors that had previously indicated diversifi cation of their investment portfolio, and the returns these a preference for distressed private equity funds. Of those investments can provide. interviewed, 80% had already made commitments to distressed private equity funds, with the remaining 20% expecting to make A number of LPs have changed their opinions of distressed private their fi rst commitments to these funds at some point in the future. equity following turbulence in the fi nancial markets, but none have stated that the impact has given them a more negative view of As Fig. 1 shows, just under a fi fth of investors (17%) expect to distressed private equity. Over a third (37%) of investors interviewed make their next commitments to distressed private equity funds stated that their opinion of distressed private equity has been more before the end of 2012, with the same number expecting to commit positive following the fi nancial crisis, with the majority naming the to distressed private equity funds in 2013. Almost half of LPs (46%) opportunities for distressed private equity created by the fi nancial stated that their next investment in a distressed private equity fund crisis as the reason for this positive outlook. Over half (57%) of would likely be made on an opportunistic basis, committing to a LPs stated that the fi nancial crisis has not altered their opinion of new fund should an attractive opportunity arise. distressed private equity; several LPs recognized that the fi nancial Fig. 2: Top Five Distressed Private Equity Funds in Market Fund Manager Type Target Size (Mn) Fund Focus GSO Capital Solutions Fund II GSO Capital Partners Distressed Debt 4,000 USD US Cerberus Institutional Partners (Series Five) Cerberus Capital Management Distressed Debt 3,750 USD US Apollo European Principal Finance Fund II Apollo Global Management Distressed Debt 2,500 EUR Europe Sankaty Credit Opportunities V Sankaty Advisors Distressed Debt 3,000 USD US Wayzata Investment Partners III Wayzata Investment Partners Distressed Debt 2,500 USD US Source: Preqin 3 Private Equity Spotlight, September 2012 © 2012 Preqin Ltd. www.preqin.com Feature Article Growth in Distressed PE: Is Europe Approaching a Turnaround? Download Data crisis has created good opportunities for investment, but believe The largest fund currently in market is GSO Capital Solutions Fund that opportunities were not lacking prior to this. II, a distressed debt fund being raised by GSO Capital Partners with a $4bn target size. This fund is seeking more than its predecessor, A number of investors with unchanged opinions on distressed GSO Capital Solutions Fund, which surpassed its target of $2bn private equity cited that this is due to the fact that they only to raise $3.25bn in 2010, indicating an increase in the fundraising invest in these funds on an opportunistic basis. For LPs investing confi dence of some fund managers in the sector. The largest opportunistically in distressed private equity, the past performance Europe-focused fund is Apollo European Principal Finance Fund of the GPs’ funds plays an integral role in determining whether to II, which is targeting €2.5bn, €1.1bn more than Apollo Global invest. As a result, evidence suggests that fi rst-time fund managers Management garnered in 2010 from
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